Loan rates remain competitive
Borrowers with a good credit record can currently benefit from a range of competitive loans, it was suggested today.
The recent problems in the global credit market and concerns from banks about the levels of bad debt have led to reports that lenders have tightened up their criteria about who they will advance money to.
Robin Amlot of personal finance website Moneyextra.com said that is certainly the case, but that it should not deter people who have not had problems with borrowing before.
"Advertised personal loan interest rates remain competitive ... There are still good deals to be had but only for those with blemish-free credit history," he explained.
Figures compiled by Moneyextra.com show that people looking to borrow £9,000 over five years can save up to £270 a year by selecting the cheapest product currently available.
Statistics published by the Bank of England earlier this week showed that net consumer credit borrowing - which includes both personal loans and credit cards - rose by £1.4 billion during September.
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